Daily Commentary
By Rockefeller Treasury Services
http://www.rts-forex.com
So why is the Fed doing it? To assert leadership and to tell the people that someone in Washington is minding the store. The current administration has been weak on economics and finance. It has misrepresented or lied about a lot of things, including budgets and tax cuts; fired all the economists, and replaced the Treasury Secretary without ever saying why (we say it’s because O’Neill wanted to reform the tax code). The Fed is the last bastion of truth and justice. It is independent and high-minded. We are willing to pay taxes so the Fed can exist. Well, that’s stretching it, too, but an activist and preemptive Fed is certainly preferable to all the other head-in-thesand central banks.
http://www.fxstreet.com/nou/content/1536/content.asp?menu=strategy&dia=2562003
